The initial public offering (IPO) of Abu Dhabi-based petrochemicals firm Borouge has attracted $80 billion in demand, Reuters reported Tuesday.
Borouge is jointly owned by Abu Dhabi National Oil Company (ADNOC) and Borealis AG, and has attracted orders of $63 billion from institutional investors, the sources said, Reuters reported.
The firm will list on the Abu Dhabi Securities Exchange on Friday.
The price per share for the offering had been set at AED 2.45, implying an equity value of $20 billion, AED 73.6 billion, making the Borouge IPO the largest-ever listing to date in Abu Dhabi’s history.
The offer price was determined by ADNOC and Borealis – as the selling shareholders – following investor engagement that saw significant strong initial demand indications from both local and international investors ahead of the start of the subscription period.
ADNOC and Borealis are selling a 10 percent stake in Borouge. The company, established in 1998, combines the strength and experience of ADNOC and Borealis, through Borouge ADP, its operations joint venture, headquartered in Abu Dhabi and Borouge PTE, its sales and marketing joint venture, headquartered in Singapore.
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